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Today's Trackdown: Friday - Jan. 8, 2021

SPY Charts and some Technical Analysis

News to keep in mind Today - Today's Economic Calendar - The Charts - Opinion - Stock Picks.

News to keep in mind Friday morning:

  • Futures trade vs fair value were trading higher late last night. -- Unemployment report this morning --
    • Dow +120, S&P +13, Nasdaq +21, Russell +15. (11:40 pm ET).
  • We look good technically - But use "Caution" message has been on here for a while for a reason. (Quick sell-offs and/or getting overbought are a possibility at anytime - so we continue to leave this note).
  • The biggest factors in the market right now are; Coronavirus headlines, the US economy, the Global Economy, and political drama.
  • Watch the VIX - (CBOE Volatility Index) - Spiked on Monday's sell-off, but has come all the way back down to the low 20s as the market continues its momentum upwards.

Today's Economic Calendar:

8:30 AM ET, Employment Report for December. The consensus is for 70 thousand jobs added, and for the unemployment rate to increase to 6.8%.


(NOTE: Charts are a good guide, but when a tweet or news item can jerk the markets around, they mean a bit less.)


New record highs as the market momentum higher continues. Not much change to our charts, except for the new highs. The longer-term uptrend remains. The MACD appears to be making a positive cross. (Bullish).

As we write this, the futures are up again for the morning open. The markets seem to ignore or get passed all the political unrest and virus fears and continue their momentum higher towards new highs.

Technically alone, we are still looking at a positive chart for the market. We are still trading above our SPY 362.50 support line.

"The possibility of a consolidation, sideways market, or pullback of some kind may happen at some point." But not necessarily. Positive momentum and easy money can keep driving us to new highs.

IF wanting to gamble: Options trades on these ETFs will give you a way to place your bets. $TQQQ - $SQQQ - $SPXL - $SPXS.

* Beware - levered ETFs are subject to decay and are not for long-term holding. *


  • New record highs.
  • MACD making a positive cross up.


  • The MACD is positive.
  • The Money Flow is positive.
  • We are over the 20-day moving average, which is rising.
  • We are over the 50-day moving average, which is rising.
  • We are over the 200-day moving average, which is rising.


  • Stochastics are a bit high.
  • Possible market top? Getting overbought or to high to fast?
  • * Note: The 50-day moving average has gotten way ahead of the 200-day. This can be an overbought issue.
  • What about the Fundamentals, Valuations, Virus news, the Economy, Jobs, Election issues, Politics, The FED, etc.?
  • Some things out there to worry about still! Or a wall of worry to climb as the saying goes.


  • Currently we are above the 20-day, 50-day and 200-day MAs. (Bullish).

  • The possibility of making new highs is on the table as the technicals are still positive.
  • SPY 362.5 is now good support, but a level to watch.
  • Charts alone without thinking about the Fed, politics, vaccine, virus, etc looks okay.
  • But those risks should be kept in mind.

  • Previously we saw the possibility of staying in a SPY 362 - 375 trading range for a while, but positive momentum has taken us above the 375 mark.

  • We still say "Use Caution" for a reason. Do not over risk yourself or over leverage yourself.
  • We are still susceptible to large drops or dips.
  • Look for trading opportunities that could result and have your trading lists ready.

* Do not use MARGIN at this time unless absolutely certain of your trade! *


The MACD is positive. The Stochastics are high. The Money Flow is positive.

MA +/- (slope): The 50-day MA (359.24)(+0.82) and the 200-day MA (323.24)(+0.70)

The 8-month chart (below).

We are well above the SPY 362.50 support level.

The market has been in an impressive up-channel since June. Technically looking well.

STOCKS: (Our most recent FULL TRADING LIST is posted here).

< Favorites & Trade Ideas > <-- Click here for the quotes, details, news and opinions on our current Favorites and Trade Ideas!

  • Current trading favorites: AUPH - Aurinia Pharma (Their Lupus drug is on a path to approval), EPZM - Epizyme, EXEL - Exelixis, HZNP - Horizon Therapeutics (A big winner for us this year/tripled), IOVA - Iovance, KPTI - Karyopharm, SGMO - Sangamo, TGTX - TG Therapeutics (Our Top Pick!).
  • Tech Picks: CRWD - CrowdStrike (Although be aware it has a high valuation now).
  • Also watching closely: OMER, VKTX

* Feel free to share your list/picks in the comments below.

Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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